The 35-year-old has made over 700 appearances for the Blues, leading them to four Premier League titles, five FA Cups, the 2012 Champions League title and the 2013 Europa League title.
But the former England star revealed in February that the Blues were yet to hold talks over extending his contract beyond the summer and earlier this week, reports alleged that he’d agreed a two-year contract with a Chinese Super League club.
Bemused supporters are expected to hold a protest on Sunday when Chelsea face anointed champions Leicester City at Stamford Bridge, staging a 26th-minute walkout in honour of Terry’s kit number.
But according to BBC Sport, Chelsea have now offered the veteran skipper a one-year deal, meaning the Premier League clash against Sunderland last Saturday, in which Terry was sent off in stoppage time, may not be his last game for the west London club.
Due to the aforementioned suspension, however, Terry will not be available for selection against the Foxes.